As per Global Findex Database 2014, 2 billion adults – about two out of five of the word’s adults - do not have access to formal financial services. Families at the base of the pyramid need financial services to manage economic decisions and risks. Financial services must extend well beyond just payments or indeed the traditional microcredit. There is a real risk that the very poor at the base of the socio-economic pyramid are excluded from digitally-enabled financial inclusion because they are unable to afford or use the mobile handsets or data packages to transact.
Financial inclusion in present times is seen as a viable business opportunity by private sector. If Governments create an enabling environment, the private sector will leverage digital technology to meet the needs of the majority of the currently unbanked / under-banked. This presentation discusses financial inclusion needs across cycle of life and major constraints in reaching the poor. It also highlights key ingredients for success in financial inclusion.